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Kenya: Merged Bank's Subsidiaries to Retain Identities
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The Nation (Nairobi)
4 July 2008
Posted to the web 4 July 2008
Philip Wahome
Nairobi
Newly merged, CfC Stanbic Bank subsidiaries will retain their identities as the parent company, CfC Stanbic Holdings, seeks to consolidate their former competing business interests.
This effectively means that CfC Life, CfC Financial Services and Heritage Insurance will continue to operate autonomously as their holding company sorts out the finer details.
"It is not an urgent issue but if there is a tender, we will talk and agree on one of us to tender for the job," said CfC Stanbic Bank managing director, Mr Mike du Toit, on Thursday.
He was commenting on the group's business strategy as the company's other business units are still autonomous.
Although the bank has streamlined most of its banking services and is in the process of harmonising its products, the MD said that Stanbic Investments and CfC Financial Services, will for example continue to work independently.
Recently, Standard Bank Group sold its Kenyan operation, Stanbic Bank Kenya Ltd, to Nairobi Stock Exchange listed CfC Bank Limited.
In the deal, Standard Bank Group indirectly acquired sufficient shares to give it a 60 per cent shareholding in the listed company.
Already, CfC Stanbic Bank has consolidated its banking operations and clients can access a wider branch network, up from the six that each entity initially had.
The bank is now the fourth largest in Kenya measured by total assets, with a 12-branch network and a combined 43,000-strong customer base.
The group chief executive of CfC Stanbic Holdings Ltd is Madabhushi Soundararajan, formerly the chief executive of the CfC Group.
Although integration will be carried out in a phased manner, once complete, customers will be able to access banking services at all previous CfC and Stanbic Bank branches in Nairobi, Mombasa and Naivasha.
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The merged bank will retain all of the current employees and will recruit additional staff to support its increased presence.
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